Goodyear Tire & Rubber (NASDAQ:GT) Research Coverage Started at Morgan Stanley

Morgan Stanley assumed coverage on shares of Goodyear Tire & Rubber (NASDAQ:GT) in a research note released on Thursday, Marketbeat reports. The firm issued an equal weight rating and a $14.00 price target on the stock.

A number of other analysts also recently commented on the company. HSBC dropped their price objective on Goodyear Tire & Rubber from $16.80 to $15.90 and set a buy rating for the company in a report on Wednesday, May 8th. StockNews.com raised shares of Goodyear Tire & Rubber from a hold rating to a buy rating in a research report on Thursday, May 16th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Goodyear Tire & Rubber currently has an average rating of Moderate Buy and a consensus price target of $17.23.

Goodyear Tire & Rubber Trading Down 2.5 %

Shares of GT opened at $11.50 on Thursday. The stock has a fifty day moving average of $12.31 and a two-hundred day moving average of $13.04. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.60 and a current ratio of 1.15. The company has a market capitalization of $3.27 billion, a PE ratio of -5.09 and a beta of 1.77. Goodyear Tire & Rubber has a fifty-two week low of $11.26 and a fifty-two week high of $16.50.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings results on Monday, May 6th. The company reported $0.10 earnings per share for the quarter. The company had revenue of $4.50 billion during the quarter, compared to the consensus estimate of $4.78 billion. Goodyear Tire & Rubber had a positive return on equity of 3.41% and a negative net margin of 3.28%. Goodyear Tire & Rubber’s revenue was down 8.9% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.29) EPS. As a group, analysts forecast that Goodyear Tire & Rubber will post 1.27 EPS for the current year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GT. Wellington Management Group LLP bought a new position in shares of Goodyear Tire & Rubber during the third quarter worth about $125,650,000. Assenagon Asset Management S.A. lifted its position in shares of Goodyear Tire & Rubber by 880.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 571,124 shares of the company’s stock worth $8,178,000 after purchasing an additional 512,875 shares during the last quarter. Aigen Investment Management LP bought a new position in shares of Goodyear Tire & Rubber during the third quarter worth about $207,000. Boston Partners bought a new position in shares of Goodyear Tire & Rubber during the fourth quarter worth about $1,042,000. Finally, American Century Companies Inc. lifted its position in shares of Goodyear Tire & Rubber by 24.9% during the third quarter. American Century Companies Inc. now owns 4,774,601 shares of the company’s stock worth $59,348,000 after purchasing an additional 953,047 shares during the last quarter. 84.19% of the stock is owned by hedge funds and other institutional investors.

About Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company, together with its subsidiaries, develops, manufactures, distributes, and sells tires and related products and services worldwide. It offers various lines of rubber tires for automobiles, trucks, buses, aircraft, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and other applications under the Goodyear, Cooper, Dunlop, Kelly, Mastercraft, Roadmaster, Debica, Sava, Fulda, Mickey Thompson, Avon, and Remington brands and various house brands, as well as under the private-label brands.